Welcome to Psychedelic Alpha.

Independent data-driven reporting, analysis and commentary on the psychedelics space: from business and drug development through to policy reform and culture.

Plus incubation, consultancy, and advisory for this emerging field. ∎

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Open access data on psychedelic policy reform, patents and drug development activity.

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Our latest insights

Pα+ Psychedelic Bulletin #206: Q2’25 Psychedelic Lobbying; Tabernanthalog’s Neuroplasticity Pathway; UK Moves to Ease Schedule I Research Restrictions

August 8, 2025

Q2’25 Psychedelic Lobbying Update • Tabernanthalog Spurs Neuroplasticity via Alternative Pathway, Davis and Delix Researchers Find • UK Moves Toward Easing Schedule I Research Restrictions But Keeps Industry at Arm’s Length • “Shell Games” and Whistleblowers: MassGOP Goes on Offensive Against Psychedelics Campaigners • Aussie University Seeks Public Comments on MDMA Clinical Practice Guideline • and more..

Therapy or Threat? UK Expert Warns of Rising Ketamine Addiction as Phase III Alcoholism Trial Launches

August 5, 2025

Psychedelic Alpha’s Charles Bliss speaks with Professor Celia Morgan, a leading ketamine researcher, about the promise of ketamine-assisted therapy for alcohol use disorder, rising concerns over recreational abuse, and her thoughts on proposals to reclassify the drug in the UK.

Pα+ Psychedelic Bulletin #205: AbbVie Eyes Gilgamesh; Psychedelics Use Increases in U.S.; FDA Moves to Ban Kraton Compound 7-OH; What Is Sinema Selling?

August 1, 2025

AbbVie Eyes Billion-Dollar Gilgamesh Acquisition • What Is Kyrsten Sinema Selling? • Compass ‘Encouraged’ by Germany’s Psilocybin Compassionate Use Program • Psychedelics Industry’s Input on EMA’s Draft Depression Guideline • National Survey Reveals Psychedelics Use Again Rises in US • FDA Moves to Ban Kratom Compound 7-OH • Compass Talks Accelerated Approval on Q2’25 Earnings Call • atai All-In on Psychedelics Following RL-007 Flop • UK Government Publishes Life Sciences Plan • NMDA or Opioid? Ketamine’s True Target Under Scrutiny • Budget, Dosing, and Paperwork Raised at OPS Listening Sessions • and more..

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Entrepreneurs and Startups

Whether you’re at the idea-formation stage or raising early-stage funding, we’re here to help across the entire psychedelic value chain and company life-cycle.

ADVISORY & CONSULTANCY

Investors and Corporates

We help investors and corporates of all stripes understand and support the psychedelics space: from syndicates and VCs through to institutions.

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Psychedelic Insiders and the Curious

Join our newsletter to stay abreast of the rapidly emergent psychedelics industry: from clinical trials and patents through to healing centres and decriminalisation.

The Psychedelic Renaissance

After a half-century of prohibition, psychedelics are once again entering the mainstream.

Today’s so-called “psychedelic renaissance” is represented by a seemingly exponential increase in research and development activity, billions of dollars of funding, psychedelic policy reform initiatives and successes across the world, and changing public perceptions. ∎

Clinical Trials

Clinical trials involving psychedelics started, per year

Phase 3 studies of several psychedelics are underway.

$5+ billion

Invested in public and private psychedelic companies since 2020.

Psychedelic policy reforms are gaining pace at the federal, state and local level in the U.S. and internationally.

80.9%

of psychiatrists agreed that psychedelics show promise in treating psychiatric disorders.

Barnett et al., 2023

On “Alpha”

‘Alpha’, in the investing world, refers to an excess return on investment relative to a benchmark. But we broaden the definition of alpha on both ends to include more than just economic returns on more than just economic investments.

Instead, we conceptualise alpha as the excess return on myriad investments that people may make in the present and future of psychedelics: beyond economic capital, people might invest time, energy, and effort, for example. And that excess return might not be (purely) financial, it might also be realised through a more impactful treatment paradigm for mental health, for example, where the ‘benchmark’ is the inadequate status quo.

All this to say, we’re not only for investors. In fact, most of our readers aren’t: many of them are practitioners, regulators, entrepreneurs, and so on. ∎